"We have had a tremendous year at our Nunavut properties," said Tony Walsh, President & CEO. "Our geology team deserves much credit for new discoveries both at Hackett River and Back River in a six month working season," he said, "Hackett River has already demonstrated itself to be one of the largest undeveloped projects of its type in the world with very positive preliminary economics, yet it continues to demonstrate opportunities for growth and optimization. Although the Hackett River camp is now closed for the 2010 campaign, a further 13 holes still have assays pending. We look forward to returning to site to further quantify these opportunities in next year's drilling season."

In a news release dated August 24, 2010, the Company reported the discovery of new massive and sulphide stringer intersections to the south and west of the East Cleaver deposit as well as significant thicknesses of new copper stringer mineralization encountered in the immediate footwall of the Main Zone West deposit.

At East Cleaver, drilling continues to demonstrate continuity between the existing deposit and the newly discovered massive sulphide lens. These new intersections are mostly within 200 metres of surface, are open to depth and can be traced approximately 100 metres along strike.

At Main Zone West drill results continue to define newly discovered copper stringer zones which are located both within and adjacent to the currently proposed pit outlines. Drilling has confirmed that these stringer zones occur over a considerable extent of the footwall to the Main Zone West deposit.

Drilling results continue to generate positive results. These discoveries were a result of this year's mandate to focus on drilling within and peripheral to the existing pit designs with a view to enhancing project economics in the early years of the mine life.

It is anticipated this new mineralization at East Cleaver and Main Zone West may provide additional tonnage to the global Hackett resource as well as enhance economics for the project by converting waste material to mineralization in the pits, possibly reducing stripping rates.

BMO to Seek Strategic Partners for Hackett River

As previously announced, the Company has engaged BMO Capital Markets to solicit investors or partners on the project and to advise the Company in its pursuit of strategic alternatives to accelerate the Hackett River Project. As part of this initiative, the Company plans to spend the winter break creating new internal geological models for these deposits as well as internal resource calculations to determine the impact of these new discoveries. Once generated, and if positive, internal studies will be forwarded to a third party for 43-101 validation.

Hackett River – Technical Information

A total of 19,443 metres in 78 holes were completed on the Hackett River project in 2010. Drilling has now stopped for the normal winter shut down period and it is anticipated that drilling will resume in early March 2011. Holes and metres completed by zone were: East Cleaver 25 holes 5,323 m; Main Zone West 18 holes 4,811 m; Main Zone East 8 holes 1,697 m; Boot 8 holes 2,393 m; JO 3 holes 1,015 m; Main Zone Hinge 1 hole 209 m; and a total of 15 holes for 3,995 m were drilled into regional targets.

East Cleaver

Follow-up drilling of the new massive sulphide lens discovered in hole SHR-10-39A (see press release dated August 24, 2010) continues to intersect significant thicknesses of stringer and massive sulphide mineralization. This new drilling has demonstrated continuity of mineralization between the main East Cleaver deposit and the massive sulphide lens intersected in hole SHR-10-39A. Drilling continues to encounter higher grade precious metals in the core of the mineralized system. Highlights include a 153.00 m interval of stringer and massive sulphides in hole SHR-10-53 that grades 167 g/t Ag, 3.75% Zn, a 51.55 m interval in hole SHR-10-56 where stringer sulphides graded 377 g/t Ag, 3.05% Zn, 2.48% Cu, 1.42 g/t Au and a 3.0m interval in hole HSR 10-59 which graded 1,604 g/t Ag and 6.60 g/t Au.. These intersections are approximately within 200 m of surface and occur within the currently proposed pits. The new mineralization has been traced approximately 100 m along strike and is open at depth.

East Cleaver Highlights

Hole Number

From (m)

To (m)

Interval (m)

Ag (g/t)

Zn (%)

Cu (%)

Pb (%)

Au (g/t)

SHR-10-53

83.90

236.90

153.00

167

3.75

0.42

0.58

0.27

including

113.20

170.00

56.80

219

3.82

0.91

0.31

0.50

and

179.65

229.85

50.20

204

5.75

0.09

1.30

0.12

SHR-10-56

16.60

49.40

32.80

204

1.27

0.15

0.29

0.62

and

102.95

154.50

51.55

377

3.05

2.48

0.12

1.42

including

133.95

145.05

11.10

799

1.98

5.10

0.23

3.37

SHR-10-59

190.00

193.00

3.00

1604

0.04

0.07

0.89

6.60

and

213.50

219.75

6.25

447

1.18

0.04

1.04

0.42

and

230.70

236.10

5.40

257

0.73

0.16

0.25

0.87

SHR-10-61

35.20

38.20

3.00

347

1.21

0.52

2.79

0.38

and

68.75

114.60

45.85

295

4.79

0.03

0.96

0.43

including

85.05

92.05

7.00

570

13.88

0.05

2.75

0.36

* Drill widths reported. True widths have yet to be determined.

Main Zone West

Drilling at Main Zone West continued to focus on defining footwall copper stringer zones located stratigraphically and structurally beneath the massive sulphide horizon within or adjacent to the proposed pit outlines. Extensive zones of stringer mineralization were encountered by holes SHR-10-55 (157.5 metres grading 0.85% Cu) and SHR-10-63 (128.2 metres grading 0.87% Cu). These zones are located within and beneath the proposed pit outlines and are not included in the current resource model. As was seen in hole SHR-10-48 (see press release dated August 24, 2010), a number of higher grade intervals are commonly present. Some of these higher grade zones contain up to metre wide veins of near massive chalcopyrite (e.g. 14.80% Cu over 0.45 m in SHR-10-63). Copper stringer zones are now known to occur over a considerable extent of the footwall to the Main Zone West deposit. Tighter spaced drilling will be required to fully define the economic portions of these zones.

In order to explore these footwall targets, a number of holes were collared above and transected through the massive sulphide horizon to get to the target horizon. Much of the shallow drilling of the massive sulphide horizon had been completed during the 1970's and 80's at Hackett prior to modern GPS instrumentation. As such, the location information is not as accurate as is today's standards and these new intercepts provide improved data quality that will be incorporated into future resource models. Hole SHR-10-57 is an example of such a hole. It intersected thick zones of massive sphalerite-rich mineralization including an interval of 25.17% Zn over 32.85 metres.

Main Zone West Highlights

Hole Number

From (m)

To (m)

Interval (m)

Ag (g/t)

Zn (%)

Cu (%)

Pb (%)

Au (g/t)

SHR-10-54

3.00

81.00

78.00

68

2.71

0.10

0.40

0.52

including

20.30

50.00

29.70

147

5.70

0.19

0.79

1.14

including

21.70

23.40

1.70

908

14.37

0.15

4.37

7.42

SHR-10-55

11.15

168.65

157.50

17

0.39

0.85

0.05

0.08

including

11.15

19.00

7.85

116

6.72

0.98

0.79

0.17

including

21.90

28.05

6.15

88

0.24

1.53

0.01

0.99

including

46.73

64.15

17.42

20

0.03

1.61

0.00

0.06

including

87.30

104.68

17.38

8

0.04

1.60

0.00

0.03

SHR-10-57

68.85

181.20

112.35

145

11.83

0.39

0.83

0.30

including

77.15

83.30

6.15

151

23.29

0.09

0.85

0.15

including

131.00

181.20

50.20

109

16.86

0.53

0.88

0.25

including

137.15

170.00

32.85

137

25.17

0.40

1.33

0.29

SHR-10-63

13.20

141.40

128.20

10

0.04

0.87

0.01

0.04

including

22.25

44.25

22.00

32

0.03

2.06

0.01

0.11

including

38.10

38.55

0.45

225

0.06

14.80

0.00

0.77

including

41.55

44.25

2.70

69

0.02

4.53

0.00

0.26

including

86.65

87.55

0.90

48

0.28

9.90

0.00

0.16

including

110.25

111.70

1.45

34

0.15

4.00

0.00

0.21

* Drill widths reported. True widths have yet to be determined.

SABINA GOLD & SILVER CORP.

Sabina Gold & Silver Corp. is an emerging precious metals company with district scale, world class undeveloped assets in one of the world's newest, most politically stable mining jurisdictions: Nunavut, Canada.

The properties consist of the Hackett River silver-zinc Project, the Back River Gold Project, both advanced exploration properties, as well as the Wishbone Claims, a vastly prospective grass roots project.

The combined holdings total approximately 3,000 square kilometres and cover the largely unexplored Wishbone Greenstone belt.

Quality Assurance

Mr. Peter Manojlovic, P. Geo, and Vice-President, Exploration of Sabina Gold & Silver Corp is a Qualified Person under the terms of NI43-101 and has reviewed the technical content of this press release and approved its dissemination.

Diamond drill core was sent to ALS Chemex preparation laboratory in Yellowknife, NWT. From there coarse rejects and pulps go to the ALS Chemex lab in North Vancouver BC. Quality control is monitored on a continual basis and utilizes a system of standards, blanks and duplicates to ensure analytical accuracy. The protocols and procedures used in 2010 are the same as those used in earlier campaigns by Sabina Gold & Silver Corp. and have been deemed appropriate in the above noted 43-101 compliant resource reports.

Forward Looking Statements

Statements relating to exploration, pre-feasibility work and future operations at the Hackett River project and the expected results of this work are forward-looking statements within the meaning of securities legislation of certain Provinces in Canada. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Information inferred from the interpretation of drilling results may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in metal prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from Sabina's operations and other risks and uncertainties, including those described in Sabina's Annual Report for the year ended December 31, 2009.

Forward-looking statements are based on the beliefs, estimates and opinions of Sabina's management on the date the statements are made. Sabina undertakes no obligation to update these forward-looking statements should management's beliefs, estimates or opinions, or other factors, change.

This news release has been authorized by the undersigned on behalf of Sabina Gold & Silver Corp.